Best practices ease the complexities of risk and compliance

It’s one thing to abide by the rules and regulations of U.S. governmental bodies, however, in today’s increasingly connected world, that’s often not enough. Multinational corporations also need to keep in mind the regulations of each area in which they do business or hold offices.

For in-house legal counsel, that means a never-ending complexity of regional laws to decipher and comply with. But luckily, there is hope.

This week at the Women, Influence and Power in Law conference in Washington, D.C., four top legal officers will give their opinions of best practices in complying with both U.S. as well as foreign rules and regulations. The forum, led by Deloitte Financial Advisory Services Principal Tamika Tremaglio, will offer insight into how in-house legal counsel balance compliance and risk.

Risk and compliance is a crucial topic for many in the in-house legal industry. While many modern businesses view compliance as a revenue suck and a necessary evil, effective compliance programs can actually build business for the company. InsideCounsel magazine’s October issue explores some of the common misconceptions of effective compliance programs. In an Ethisphere survey, the S&P Fortune 500 companies deemed “most ethical” consistently saw higher returns, even through the 2008 financial crisis.

In addition, compliance programs require constant monitoring. Although establishing an effective compliance program from the beginning is important, laws and legal trends change. For instance, many U.S. agencies and American companies are not compliant with even federal cybersecurity measures, let alone the wide variation between U.S., European and Asian cybersecurity laws. Employee management is also changing, especially with respect to sexual identity, and companies open themselves up to lawsuits if they do not comply with federal regulations.

The Women, Influence and Power in Law conference session will cover these topics and more. In addition to moderator Tremaglio, the featured speakers will be: Indrani M. Franchini, vice president and chief compliance officer of Hess Corp.; Ashley Watson, senior vice president and chief ethics and compliance officer at Hewlett-Packard Co.; and Sherry D. Williams, senior vice president and chief ethics and compliance officer at Halliburton Co.

The Women, Influence & Power in Law conference offers an opportunity for unprecedented exchange with women outside counsel. The event runs from Oct. 2-4 and is being held at the Wardman Park Hotel in Washington, D.C.

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About the WIPL Network

The Women, Influence & Power in Law Network (WIPL) was launched in 2012 as foundation to integrate seven specific projects designed to accelerate economic empowerment of women in law departments and law firms...